Market Trends of Boxing Equipment Industry
Rising Number of Women Participants in Boxing
The participation of women in various sports, including boxing, has increased over the last few years, leading to lucrative market opportunities for sport equipment brands. As a result, a reduced gender gap among the players of global tournaments and championships has been observed in the recent past. For instance, the Olympic Agenda 2020 empowered the International Olympic Committee to collaborate with different International Federations to achieve at least 50% female participation in the Olympic Games. Earlier, boxing was a male-dominated game. However, the trend has changed over the past decade due to the impact of women's empowerment and evolving cultural beliefs especially across developing economies. For instance, the International Boxing Association (AIBA) increased the number of women's boxing categories in the Tokyo 2020 Olympic Games. A minimum of five different weight categories for women's boxing were launched in the Tokyo 2020 games. The growing adoption of boxing as a mainstream game by women indicates a positive trend, expected to affect the market positively during the forecast period.
North America is the Largest Market
The advantages of living a healthy lifestyle are being recognized by the majority of the population in the region. This has inspired them to engage in outdoor and indoor sports like boxing. Further, obesity has emerged as a major concern across the region in the recent past, influencing consumers to adopt active lifestyles which aid in their continued fitness and wellness. Over the years, boxing has gained significant popularity as a fitness sport in the U.S. population. For instance, the annual publication released by the Outdoor Foundation reports that in 2021, around 5,237 million people in the U.S. participated in boxing for fitness. Furthermore, the region is witnessing the ongoing introduction of state-level, and national-level boxing tournaments, and championships as a result of the rising popularity of the sport. For instance, USA boxing is the national governing authority that promotes and grows Olympic-style amateur boxing in the United States enabling athletes and coaches to achieve sustained competitive excellence for international games such as Olympics, The IBA World Boxing Championships, and The Commonwealth Games, among others.
